The customer segments that are a prime target for entrepreneurs and the management of the company and to whom the company serves are decided by a Customer Analysis plan. In this plan the organization must 1) Identify and know the prime Customers. 2) Meet the requirements and demands from the frequent customers and 3) Market the products well keeping the target customer fan base in mind.
The initial step in framing the Customer Analysis plan is to decide a class of potential customers based on demographics, geography, culture and economy. This will enable you to identify and personalize the customer base for your product. There can be many small businesses or a few large businesses hip interested in your product. So choose your manufacturing and marketing strategy accordingly. Unless you make a comprehensive study, don’t start any business. A small company won’t invest a lot at one go and want to try out a sample consignment. While a bigger company would just test you once and thereafter want a large project which you must deliver on time. This way you should carefully choose to whom you want to serve with your capabilities and staying within your limits.
Once the Customer Analysis plan helps you clearly identify the prime target audience, you must find answers to the below questions:
- What is the number of potential customer satisfying the above criteria?
- What are their average salaries, income or revenue?
- What is the geographical location of them (is business feasible with them?).
After the decision over the demographics has been made you must run a quick survey over existing customers to see how many are satisfied with your past services. If you are a new business this step of Customer Analysis plan can be skipped initially. In the survey you will come across the amount of customer satisfaction, the features that they liked in your product, the missing features that you must work upon and overall performance of your product.
A few questions that also need to be address regarding your product by the leadership of the organization in the next phase of your Customer Analysis plan are:
- What do they find more important, the price or the quality of the product? Based on these try to create a balance between the two. This will enable the low budget customers to be attracted to your product or the high budget customers to receive better quality of products depending on the direction you take. You can also opt to create two versions for both the classes of audiences if your resources permit.
- What are the reliability requirements and the attitude toward the customer service? This will help you to concentrate more on manufacturing as an end result. If the need arises you can set up a customer services section.
- Based on these facts and a close market watch you can enable yourself to make future strategies for your organization and create better products will all the time improving the sales figures too. The Customer Analysis plan works best when done in a cycle of about every 6 months. Thus the business management requires an efficient analysis plan to develop.